Business
Company Update and Notice of Results
Company Update and Notice of Results.
About this update from Robinson Plc
[{"type":"text","content":"\n\n\nRobinson plc \n14 August 2023\n \nCOMPANY UPDATE AND NOTICE OF RESULTS\nRobinson plc (\"Robinson\", the \"Company\" or the \"Group\" stock code: RBN), the custom manufacturer of plastic and paperboard packaging based in Chesterfield, is pleased to provide an update on the change of CEO, Pension Fund Escrow Account and an agreement to sell a surplus property.\nCEO change\nAs previously announced, on 22 June, Dr Helene Roberts informed the Board of her intention to step down as CEO to take up a new opportunity. Helene will resign as CEO and a Director of the Company on 1 September 2023, at which point Sara Halton will assume responsibility as the Interim CEO for a transitional period whilst the Board conducts a search for a new CEO.\nWe would like to thank Helene again for her enormous contribution during her time with Robinson.\nDefined Benefit Pension Scheme - Escrow Account\nThe Company is pleased to announce that it has now reached agreement with the Trustees of the Robinson & Sons' Limited Pension Fund (the \"Scheme\") in relation to the Pension Fund Escrow Account (the \"Escrow\"), which reduces Group net debt by c.£3.3m.\nIn December 2022, the Scheme completed a buy-in of all the Group's defined benefit pension scheme liabilities with a plan to complete a full buy-out during 2023, following a data cleanse exercise. The data cleanse is ongoing, with completion expected before the end of the year.\nThe Company announced in its 2022 final results, that if a surplus remained following completion of a full buy-out, then it would be likely that the funds in the pension escrow account, being c.£3.2m at 31 December 2022, and of which, £2.7m are loaned to the Group on commercial terms, would be returned to the Group.\nThe Scheme actuary has performed an indicative valuation which shows the Scheme is currently in surplus and is likely to remain in surplus following the full buy-out. The Scheme Trustees and the Group have now agreed that the funds held in the Escrow, totalling c.£3.3m,...